Taxation : an overview for financial planners

In this chapter, we look at the impact taxation has on financial planning. The way we do this is to review the basics of income tax and then look at how income tax might apply to a financial-planning situation. We also examine some non-income taxes and how they could impact on providing financial advice. It is important to understand how tax can affect financial planning and it is also important to understand that both this chapter, and the following chapter on tax planning, are about raising awareness of potential issues, and are not intended to make you into a tax adviser.